London. British Prime Minister Liz Truss on Friday announced the appointment of former cabinet minister Jeremy Hunt as the new finance minister. Earlier, he had sacked Finance Minister Kwasi Quarteng. This step has been taken to prevent the upheaval in the economy due to the ‘mini budget’ proposed to cut tax at the end of last month. Sources gave this information.
According to the information received, British Prime Minister Liz Truss has said, “Former cabinet minister Jeremy Hunt will be the new finance minister.” Quarteng’s tenure was only 38 days. He has written on Twitter that he has been asked to step down from the post of Finance Minister. He wrote in his resignation letter, “As I have said several times in the last few weeks, maintaining the status quo is not an option. For a very long time this country has been suffering from low growth rate and high taxation. If this country is to be successful, then change has to be brought about in it.”
British PM Liz Truss has appointed Jeremy Hunt, a former candidate for the Conservative leadership, as her new finance minister in place of sacked Kwarteng, reports AFP News Agency
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Tax cuts were announced during his tenure, which led to a sharp fall in the exchange rate of the pound. It is noteworthy that on Thursday, Quarteng had dismissed the talk of stepping down, saying, “I am not going anywhere.”
Truss is scheduled to hold a press conference on Friday. He is under considerable pressure to scrap some proposals for a $48 billion tax cut. The financial market was adversely affected by the tax cuts proposals and the Bank of England has to take steps to deal with it. (agency)